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For employees, a 401(k) retirement savings plan is a crucial perk. Selecting the best plan from the plethora of options available to businesses can be challenging. The most well-known kind of offering is traditional 401(k) plans, but there are many options available for independent contractors and small enterprises, particularly for budget-conscious ones.
Businesses can choose from a variety of financial firms offering 401(k) plans, each with unique advantages and disadvantages. We’ve looked into the best options to assist you in selecting the 401(k) plan that best suits your workforce’s needs.
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The Best 401(k) Plans of April 2024
$95 per month, $1,140 annually
$95 per month, $1,140 annually
0.83% of AUM Editors Take
ShareBuilder 401k is an online-only workplace retirement plan provider. On their website, you can easily register your company for a 401(k) plan. Online platforms are utilized for managing employee portfolios, investment advice, and administrative tasks.
The company’s partnerships with iShares, Schwab, and Vanguard enable its plans to offer a large selection of inexpensive funds. Because ShareBuilder 401k has some of the lowest administrative fees in our survey, it’s a good option if you want to keep costs down. Just make sure you feel comfortable not being able to interact with the company in person—customer service is available by phone.
Is A 401(k) Really A Good Retirement Plan?
FAQ
Where is the safest place to put your retirement money?
Which company has the best retirement plans?
3. Amgen Inc. (AMGN) Amgen is another company with one of the best retirement plans, and is one of the more generous companies when it comes to employer contributions—it makes a 5% core contribution upfront, whether or not the employee makes a contribution to the plan.
What are the best retirement plans for small businesses?
SIMPLE IRA A SIMPLE IRA may be one of the best retirement plans for small businesses that have employees and want an alternative to 401 (k) plans. If you have this type of plan at work, then you can benefit from matching contributions or non-elective contributions made on your behalf, depending on what your employer chooses.
What is the best retirement plan for a 401(k)?
Even if you do have a retirement plan through work, like a 401 (k), you may want to save additional money beyond the annual 401 (k) contribution limits. If that’s the case, some of the best retirement plans for saving on your own are Individual Retirement Accounts (IRAs) and annuities. Who Is It Best For?
What is the best retirement plan?
The best retirement plan depends on your situation. You’ll probably qualify for multiple retirement savings vehicles if you have taxable income or work for an employer. And even if you don’t work, you’ll still have options.